The Wall Street Journal reports that yet another new tower is coming to Downtown Brooklyn. Benenson Capital Partners and Rose Associates are partnering on a 300,000-square-foot mixed-use development that'll house both rental apartments and retail space. The former 1920s office building at 210 Livingston Street pictured above, catty-corner to Macy's, has already been demolished and is currently a pile of rubble, but a groundbreaking for the new building has yet to be scheduled. (No new building permit has been filed with the DOB yet.) The owners considered conversion to dorms or offices before settling on apartments, because come on, that's where the action is.
....

On 210 Livingston, the lot is 25,112 sqft. FAR is 10. There is a 20% bonus for a public plaza. That makes for an office tower of 300,000 sqft. One has to imagine a lot coverage of maybe 50% with the public plaza, so that looks like about 12,000 sqft floor plates. That'd make for 25 floors straight up. 12ft plate to plate makes it 300ft tall (so not overly). There's an additional FAR bonus for inclusionary housing if they go residential. If the building were 432 Park proportions it could be 35 stories and 800 ft or so before any below market rate apts.

__________________“If I have done the public any service, it is due to my patient thought.” ― Isaac Newton

Now that a new building permit application has been filed, we can fill in some of the details.

The tower should reach 280 feet into the air, and will have 26 floors of rental apartments and ground-level retail. There will be 349 housing units divided between 310,000 square feet of net residential space, served by 112 garage parking spots. 210 Livingston will also hold a bit more than 14,000 square feet of commercial space, for a total construction area of 365,000 square feet – a bit more than twice as dense as the office building that was razed to make way for it.

Benenson Capital Partners and Rose Associates are in line to receive a $158 million construction loan for their upcoming Downtown Brooklyn tower.

The state’s Housing Finance Agency plans to issue bonds for the construction of the 25-story, 368-unit apartment tower at 210 Livingston Street, which JPMorgan will purchase.

Benenson and Rose reckon the tower will cost roughly $236 million to develop. That figure includes hard and soft costs and a developer fee of $4 million. In exchange for the bond financing, the partners agreed to set aside 20 percent of the building’s apartments as affordable housing.

Rose Associates announced it has closed a $158 million loan for the construction of a residential property located at 210 Livingston Street being co-developed by Rose Associates and Benenson Capital Partners.

The loan was funded by the issuance of bonds provided by the New York State Housing Finance Agency that were purchased by J.P. Morgan Chase and Sun Trust bank.

An 80/20 development, the luxury tower will be comprised of 294 market-rate apartments and 74 affordable units.

“We are thrilled to continue our involvement in the revitalization of Downtown Brooklyn and proud to support NYC’s affordable housing programs,” said Greg Reimers, managing director and northeast market manager of real estate banking at J.P. Morgan Chase.

“Our long-term clients, Benenson Capital Partners and Rose Associates, are bringing an exciting new development to this increasingly dynamic market.”

Located between Hoyt and Bond Streets, 210 Livingston Street will be a 25-story tower with a total of 368 rental apartments.

The building will include nearly 20,000 s/f of retail space along with an underground parking garage. Units will be offered in studio, one- and two-bedroom configurations.

“We have completed the design and pre-development work and are excited to begin construction with initial occupancy anticipated in late 2017,” said James L. Hedden, chief development officer of Rose Associates.

“Brooklyn has become a destination and not just an alternative to Manhattan’s high rents.”

Hidrock Realty is building a 32-floor hotel in the heart of Midtown at 12 East 48th Street. The Manhattan-based firm led by CEO Abraham Hidary acquired the through-block assemblage for $47M in 2014, according to a story from TRD last year. The centrally-located site is near Rockefeller Center between Fifth and Madison avenues and is across 47th Street from L&L Holding Company's dramatic office remake of 390 Madison Avenue. At the peak of the residential market in 2014, Hidrock proposed building condos with amenities specifically targeting the international pied-a-terre market.